Crypto Miners Pivoting to AI Cloud Services May Face an Uphill Battle
- Few miners have the necessary equipment or resources to invest
- Competition for clients in the AI space will also be stiff
Not many miners will be able to afford the additional investment in hardware and staff after last year’s meltdown in cryptocurrencies.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
Crypto miners looking to provide services for upstarts in artificial intelligence may be looking at an uphill battle, according to analysts.
The opportunity to repurpose a glut of specialized processors — and partner with an industry on the precipice of a boom — represents a huge source of potential revenue. Already, Hut 8 Mining Corp.’s new high-performance computing division has generated more than 20% of the crypto miner’s first quarter sales.